S&P plan for this week.
Hi there. These are my thoughts on how the markets will play out this week. In my opinion this is another bear market rally that is targeting trailing stops between 3950~4000. We are below the 200ma on the 2D and below the cloud. Taking this into consideration and the fact that FOMC is Wednesday and will most likely raise rates another 75bps I can see the following scenario play out. Monday and Tuesday we climb slowly higher with a sharp thrust upwards and immediate rejection from the shorts stop loss area. Wednesday the markets continue their downtrend setting in stone that we are in a bear market. Drawing a fib retracement on the weekly from the most recent leg down puts the 1.618 target at 2972. If in fact we get there, this will take several weeks to hit.
Thanks for your time and good luck out there.
Thanks for your time and good luck out there.
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